Thursday, December 2nd, 2010Mortgage banker Rob Chrisman, San Rafael, spoke to the Real Estate Finance Forum on Dec. 2 on the current state of capital markets.
Mr. Chrisman writes a daily on-line column on the mortgage business at robchrisman.com.
He discussed the current uncertainty in how mortgage originators are compensated. New federal regulations (Dodd-Frank act) will take effect April 1, 2011. In the meantime, many of the larger banks are also issuing their own rules. He expects “lots of rumors and innuendo” until all the rules are in place.
He credits mortgage brokers as “intelligent and nimble.” “You’ll figure out a way to do a loan” because the mortgage brokers who are still in the business are there because they like helping people.
“People with other motives,” such as those who came to mortgage origination just because it was a job, are gone.
Relationships have become much more important in mortgage origination, Mr. Chrisman said. “Your clients like using you. (Lending) is much more of a team effort.”
Continue reading: Mortgage Banker Rob Chrisman Speaks at the SAR Real Estate Finance Forum
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